I guess we are going to have to call today's action not only a high wave candle, but we might as well call it Doji.
We are still well above the 8 DMA which is one thing I watch for a sell signal.
A Golden Cross would be nice, and we could have one in pretty short order if WFR heads up farther.
Instead we do have its cousin the Bow Tie working for us. Check out Dave Landry's Bow Tie model. My friend Dave Steckler has also posted some work with Bow Ties. Landry uses cross overs of the 10 DSMA, the 20 DEMA and the 30 DEMA to get the effect of the Golden Cross on a shorter time scale. Where they cross it give the visual impression of a bow tie.
I keep talking about the market on this board but I don't think GV can do much on the upside without a good market. The basic idea that a rising tide lifts all boats and don't be caught not wearing your trunks when the tide goes out may fit well here.
Today reminds me of the days after Jan 6 when the market rose sharply for two days only to stall out. After a 190 point rally yesterday the market was only able to scratch our an 8 point gain to form a High Wave Doji. For those of you who do not look at candlestick charts a Doji is a day where the open and close are nearly the same. It marks a day of indecision in the market and to be indecisive immediately after a good day like yesterday is perplexing, especially with a wide range between the high and low of the day.
I just do not see a powerful bull ready to take on every bad situation that might be thrown at it.
I don't know if the market has it in it to go up but a little December rally would be a good thing for ENV. That is what I am looking for but come January all bets are off.
I wish I could offer something. I bought at 15.50 as it rose from its last pullback. Now this pullback is deeper than the one where I bought. My patience is getting thin because it has broken my model now.
I am about ready for this thing to break above 14 and head on about its business. My smaller investemnts are doing well, I just wish the big dog would hunt. Maybe tomorrow.
ENV has formed what may be called a Flag. The big up day a week or so ago is the Flag Pole. We are now forming the Flag. These things usually break in the direction taken by the pole, but no guarantee. If we do move to the up side I would expect to see 15.
It appears I am now the only one posting on this stock. If any of you are reading this and have comments I would love to hear from you. I added to my position a couple of days ago but will sell these new shares if we drop below the base of the flag. Best to all of you.
This is Charlie W posting.
For the past umpteen months I have been the only poster on this board. I love it. I don't know what it takes tio wake the world up but ENV is lighting my fire right now. See my previous posts both as CW and SCD.